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Uneasy ECB May Mull Bank-Bond Buying Amid Unappealing Menu

Europe’s bond investors are starting to ask whether the European Central Bank will pair a potential interest rate cut with unprecedented purchases of senior bank debt. Policy makers have previously shied away from buying unsecured bank bonds, not least because of possible conflicts of interest stemming from the ECB’s role in regulating banks it would be purchasing notes from. Still, they may consider it at a policy meeting next week, particularly if they vote to further lower negative interest rates that have been squeezing lenders’ profits for years. “It would ...

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European second quarter earnings estimate cut again – Refinitiv

Companies listed on the pan-European STOXX 600 index are expected to report earnings growth of 0.2% in the second quarter, one of the weakest in years and down from 0.8% estimated a week ago, according to data from I/B/E/S Refinitiv. That still represents an improvement from a 2% drop in the first quarter, but aside from last quarter, it would be the lowest growth rate since at least Q2 2017 when Refinitiv records starts. It’s also down from more than 3.6% growth expected for Q2 two months ago and a ...

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China’s economy may be at the mercy of banks

China’s new GDP numbers show that the world’s second-biggest economy is growing more slowly than at any time since the early 1990s. Chinese leaders know what they need to do to arrest the slide: pump more credit into private companies, which generate the majority of jobs and growth. The fact that growth isn’t picking up regardless of their efforts would suggest banks are resisting this imperative. But, the issue isn’t whether they’re complying, it’s how they’re choosing to do so. The government is correct that the private sector’s health is ...

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Older Employees Breathe New Life Into Europe’s Labor Market

When entrepreneur Kim Diaz opened a bar-restaurant in this buzzing Mediterranean city four years ago, he adopted a strict hiring policy: only workers aged 50 and above. The bet has paid off. Older staff are punctual, polite and hardworking, the 51-year-old said, and their professionalism has proven a hit with younger customers. “We’re talking about waiters who enjoy their jobs, remember exactly how you take your coffee in the morning, how you want your beer without a head and your Coke with just one ice cube. These are values that ...

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Baltic Dry Index climbs to 2064, up 53 points

Today, Wednesday, July 17 2019, the Baltic Dry Index climbed by 53 points, reaching 2064 points.

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Freight fuel prices subdued as economy outweighs IMO: Kemp

Refining margins for diesel and gasoil delivered next year are wilting as concerns about a recession-driven drop in consumption replace earlier fears about a shortage in fuel availability caused by new maritime regulations. Until recently, distillate consumption was expected to rise substantially from the start of next year as a result of new marine pollution rules introduced by the International Maritime Organization (IMO). New regulations will require shipowners to install exhaust gas cleaning systems (“scrubbers”) or switch to using ultra-low sulphur fuels from Jan. 1, 2020. Most shipowners are expected ...

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MABUX: Bunker market this morning, July 17.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) turned into moderate downward evolution on July 16: 380 HSFO – USD/MT – 439.68(-8.37) 180 HSFO – USD/MT – 473.27(-8.93) MGO – USD/MT – 668.07(-5.62) Meantime, world oil indexes fell down yesterday after U.S. President Donald Trump said progress has been made with Iran, Brent for September settlement decreased by $2.13 to $64.35 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August ...

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BHP issues world’s first LNG-fuelled freight tender to ship iron ore

Mining giant BHP has issued the first LNG-fuelled bulk carrier tender to ship up to 27 million mt of iron ore, or about 10% of its exports, with a view to curb emissions, the company said. The tender was for vessels servicing the busiest bulk transport route in the world and targeting a reduction of greenhouse gas emissions on the route, according to a statement by BHP. “Emissions resulting from transportation and distribution of BHP’s products represent a material source of its value chain emissions,” Rashpal Bhatti, Vice President of ...

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One of the world’s first digital registers of shipping is on its way

By 2020, Denmark will have a digital register of shipping that will lower costs for business communities and provide easier access to data. The Danish Maritime Authority will now start developing the new digital Danish Register of Shipping. This specifically means that future reporting and registration of ships will occur digitally. Furthermore, it will be easier and faster to access data. Deputy Director General, CPO, Charlotte Ahrendt Steen: “As one of the first in the world, we are making the move to digital registration with our new register of shipping, ...

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US readies plan for escorting oil tankers through Strait of Hormuz

Military escorts of oil shipments through the Strait of Hormuz by a US-led coalition will deter additional vessel attacks and “provocation or miscalculation” through the key oil chokepoint, US Secretary of Defense nominee Mark Esper said Tuesday. The US Department of Defense and Department of State plan on Friday to unveil a “maritime security initiative” for the Persian Gulf, Strait of Hormuz and Gulf of Oman, Brian Hook, State’s special representative for Iran, said during a separate Axios event Tuesday. “It’s got to be internationalized,” Hook said. “Most of the ...

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Iran says it came to help of disabled foreign oil tanker in the Gulf

Iranian navy vessels came to the assistance of a disabled foreign oil tanker in the Gulf that needed repairs, Iran’s foreign ministry spokesman was quoted as saying on Tuesday by the semi-official news agency ISNA. “(Spokesman) Abbas Mousavi said… that an international oil tanker was in trouble due to a technical fault in the Persian Gulf… After receiving a request for assistance, Iranian forces approached it and used a tugboat to pull it towards Iranian waters for the necessary repairs to be carried out,” ISNA said. Source: Reuters (Reporting by ...

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Will ships without sailors be the future of trade?

On 7 May, customs officers in Ostend, Belgium, received a box of oysters from the UK. The molluscs had been caught in Essex and transported to Belgium on a 12m (39ft) aluminium-hulled vessel, which traversed the English Channel with no humans on board. It was the world’s first unmanned commercial shipping operation. The crewless boat was carefully watched by four people in a control centre in Tollersbury, Essex, headquarters of Hushcraft, the company behind the design and development of the craft. UK and Belgian coastguards also monitored the oysters’ progress. ...

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Ten Turkish sailors seized by pirates off Nigerian coast – shipping company

Ten Turkish sailors were taken hostage by armed pirates who attacked a Turkish-flagged cargo ship off the coast of Nigeria, the vessel’s owner said on Tuesday, adding that another eight sailors were left safely aboard. Turkey’s foreign ministry said the sailors were seized on Saturday evening. After the pirates left the ship it was taken to Ghana’s Tema port, and Ghanaian and Nigerian authorities are working on returning the captured sailors, the ministry said. Shipping company Kadioglu Denizcilik said its ship, the Paksoy-1, was attacked in the Gulf of Guinea ...

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Pilot with sailing drone deployed for depth inspection of ships at locks

The Telemetron, a sailing drone that inspects the depth of marginal ships at the locks of IJmuiden, shows that drones can do more than just fly. The aim of this pilot, a collaboration between Port of Amsterdam, the Dutch Customs Office, Seabed and Maritime Robotics, is to gain experience in new technologies in nautical processes. The pilot has been set up with a view to gaining more information and experience regarding sailing drone technology. This development together with autonomously sailing vessels will have a great impact on future nautical processes. ...

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Already more than 100,000 containers shipped via Intercity Barge

Since the start in early 2018, more than 100,000 containers have been transported via the Intercity Barge shuttle service. With the Intercity Barge, customers can pick up and deliver their containers at the location of their choice and are assured of timely delivery. The shuttle service connects the terminals of Hutchison Ports ECT Rotterdam on the Maasvlakte with the terminals and depots in the Waal- and Eemhaven area, the Botlek area, the Merwedehaven, Ridderkerk and Alblasserdam. By bundling containers at these terminals and depots, it is possible to sail to ...

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